We hosted the management of VRLL to get an understanding of the current business scenario and its outlook. The management is optimistic on VRLL's growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities for the larger players in this space. In the near term, stabilization of fuel prices and improved volumes will benefit this sector. VRLL is focusing on the high-margin LTL business (driven by the B2B segment) and is expanding its network into newer markets. We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY2124E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)....